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v3.22.2.2

Notes Payable and Long-Term Debt (Tables) | 12 Months Ended
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Aug. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Notes Payable and Long-Term Debt | Notes payable and long-term debt outstanding as of August 31, 2022 and 2021 are summarized below (in millions):
| Maturity Date |  | August 31, 2022 |  | August 31, 2021
4.700% Senior Notes(1)(2)(3) | Sep 15, 2022 |  | $ | — |  |  | $ | 499 |
4.900% Senior Notes(1) | Jul 14, 2023 |  | 300 |  |  | 300 |
3.950% Senior Notes(1)(2) | Jan 12, 2028 |  | 497 |  |  | 496 |
3.600% Senior Notes(1)(2) | Jan 15, 2030 |  | 496 |  |  | 495 |
3.000% Senior Notes(1)(2) | Jan 15, 2031 |  | 592 |  |  | 591 |
1.700% Senior Notes(1)(2)(4) | Apr 15, 2026 |  | 497 |  |  | 496 |
4.250% Senior Notes(1)(2)(3) | May 15, 2027 |  | 493 |  |  | — |
Borrowings under credit facilities(5)(6) | Jan 22, 2024 and Jan 22, 2026 |  | — |  |  | — |
Borrowings under loans(4) | Jul 31, 2026 |  | — |  |  | 1 |
Total notes payable and long-term debt |  |  | 2,875 |  |  | 2,878 |
Less current installments of notes payable and long-term debt |  |  | 300 |  |  | — |
Notes payable and long-term debt, less current installments |  |  | $ | 2,575 |  |  | $ | 2,878 |
(1)The notes are carried at the principal amount of each note, less any unamortized discount and unamortized debt issuance costs. (2)The Senior Notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations. (3)On May 4, 2022, the Company issued $500 million of registered 4.250% Senior Notes due 2027 (the “Green Bonds” or the “4.250% Senior Notes”). On May 31, 2022, the net proceeds from the offering were used to redeem the Company’s 4.700% Senior Notes due in 2022 and pay the applicable “make-whole” premium and accrued interest. In addition, the Company intends to allocate an amount equal to the net proceeds from this offering to finance or refinance eligible expenditures under the Company’s new green financing framework. (4)On April 14, 2021, the Company issued $500 million of publicly registered 1.700% Senior Notes due 2026 (the “1.700% Senior Notes”). The Company used the net proceeds for general corporate purposes, including repayment of the prior $300 million Term Loan Facility. (5)On April 28, 2021, the Company entered into an amendment (the “Amendment”) to its senior unsecured credit agreement dated as of January 22, 2020 (the “Credit Facility”). The Amendment, among other things, (i) increased the commitments available under the three-year revolving credit facility (the “Three-Year Revolving Credit Facility”) from $700 million to $1.2 billion, (ii) instituted certain sustainability-linked adjustments to the interest rates applicable to borrowings under the Credit Facility and (iii) extended the termination date of the Three-Year Revolving Credit Facility to January 22, 2024, and of the Five-Year Revolving Credit Facility of $2.0 billion to January 22, 2026. (6)As of August 31, 2022, the Company has $3.8 billion in available unused borrowing capacity under its revolving credit facilities. The Credit Facility acts as the back-up facility for commercial paper outstanding, if any. The Company has a borrowing capacity of up to $3.2 billion under its commercial paper program, which was increased from $1.8 billion on February 18, 2022.
Schedule of Debt Maturities | Debt maturities as of August 31, 2022 are as follows (in millions):
Fiscal Year Ended August 31, |
2023 | $ | 300 |
2024 | — |
2025 | — |
2026 | 497 |
2027 | 493 |
Thereafter | 1,585 |
Total | $ | 2,875 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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